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Henry Hub Erases Gains

NATGAS

US Henry Hub has erased earlier gains and moved into losses following EIA inventory data today. Production levels, despite slightly lower, remain robust and are adding some pressure.

  • US Natgas SEP 24 down 0.1% at 2.03$/mmbtu
  • US Natgas FEB 25 up 0% at 3.33$/mmbtu
  • The EIA weekly gas inventories for the week ending July 26 showed an injection of 18bcf compared to the expectation for an injection of 31bcf according to a Bloomberg survey and the seasonal normal injection of about 34bcf.
  • US storage inventories however still hold a strong surplus of 441bcf, with total stocks at 3,249bcf compared to the previous five-year average of 2,808bcf.
  • US domestic natural gas production remains strong today but is down to 102.75 bcf/d, the lowest since July 22, according to Bloomberg.
  • US LNG export terminal feedgas flows are today at 12.19 bcf/d according to Bloomberg.
  • Domestic lower 48 natural gas demand has risen again to 83.98bcf/d today, boosted by rising cooling demand. This is the highest level since July 9.

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